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Consensus PD1 hopes under threat
PD1 market continues to shrink, but Bristol’s failure not good news for rivals
BMY announced Friday that its pivotal phase III study of anti PD-1 Opdivo in 1st line non-small cell lung cancer (CHECKMATE 26) failed to meet its primary endpoint of significantly improving progression free survival (PFS) over standard chemotherapy. The market reacted with extreme surprise leaving BMY.US down 16% and an unwarranted jump in all competitors’ stock (MRK.US (+10%), ROG.VX (+2%), AZN.LN (+2%)) on the hopes that their anti PD1/PD-L1s will now prosper with Bristol’s apparent failure . But is this really a surpreise? No...
